Friday Fundings: Kajabi, Bitso, and ReCharge
Knowledge Ecommerce Platform Raises $550 Million
Kajabi, an ecommerce platform operator, raised $550 million in growth equity financing led by Tiger Global Management. The fundraising round values Kajabi at more than $2 billion and included participation by TPG, Tidemark, Owl Rock Capital, Spectrum Equity, and Meritech Capital.
Kajabi operates a platform which lets knowledge workers sell digital products like online courses, podcasts, and newsletters. The market for knowledge commerce is growing rapidly. Kajabi users are collectively generating more than $1.5 billion in annual gross merchandise value, which is up 150% year-over-year.
The startup will use the new funding to build out its product portfolio, expand into international markets, and for strategic mergers and acquisitions.
Mexican Crypto Exchange Raises $250 Million
Bitso, a Mexican crypto exchange, raised $250 million in venture funding. The Series C round was co-led by Tiger Global and Coatue and included participation from Paradigm, BOND, Valor Capital Group, QED, Pantera Capital, and Kaszek. The latest capital raise gives Bitso a value of $2.2 billion.
With the funding, Bitso is now among the most highly valued financial technology companies in Latin America. It raised $62 million in a Series B round in December. Bitso will use the latest funding to increase access to cryptocurrencies and to expand its operations.
Subscription Management Software Startup Raises $227 Million
ReCharge, an ecommerce subscription management software company, raised $227 million in venture funding. The Series B growth round was led by Summit Partners, ICONIQ Growth, and Bain Capital Ventures. ReCharge now has a $2.1 billion valuation.
The startup makes software to help online merchants start and scale subscription businesses. The company was founded in 2014 and was bootstrapped until last January when it raised $50 million in a Series A round.
ReCharge is using proceeds to hire more employees in engineering, customer support, sales, and marketing. The startup will also expand its relationships with ecommerce platforms in the US and internationally. Additionally, ReCharge is on the lookout for acquisitions which could accelerate its growth.
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